Polkadot Nomination Guide: A Step by Step Guide for Staking on Polkadot
If you own some DOTs and are interested in contributing to the long term security of Polkadot and get rewarded for it, one way of doing so is to nominate these DOTs to reputable validators. This article will help you to do just that by using the Polkadot UI. It is assumed that you already created a Polkadot account, if you did not please first follow this guide.
Step 1: Bond your tokens
Start by navigating to the Staking tab in the Polkadot UI. Then click on Account Actions and press the + Nominator button.
A window which looks like the one below will pop up.
Choose your stash and controller accounts, and enter the amount of DOTs you wish to bond in the value bonded field. It is recommended that you leave at least 0.1 DOTs unbonded to pay transaction fees. When you are ready, press next and your DOTs will be bonded.
Step 2: Nominate validators
All bonded funds can now be distributed to up to 16 validators. All you have to do is to select the validators you want to nominate, then the election algorithm will distribute your tokens automatically. It is important that this step is done with caution, because if you choose validators that frequently commit offenses, you might risk getting slashed.
Click on the validators you wish to nominate in the candidate accounts box on the left, or easily find a particular validator using the search field. You can nominate our Simply Staking validator using this address: 13uwV8CBHjv25W3GACLPzzvTu2v9USc2yCQdhrqPhyM3vx6w
When you are ready, check that the nominated accounts box contains all the validators you want to nominate. Afterwards, press the Bond & Nominate button.
The next step is to confirm the transaction by clicking the Sign and Submit button.
All there is left to do now is to enter your account password and sign the transaction by clicking the Sign the transaction button. After this is done, all your bonded funds will be locked and they can only become available after unbonding, which takes 28 days from initiation.
If the transaction is successful, congratulations you are now nominating. You can view the status of your nomination in the Staking -> Account actions page. Your nomination would be in Waiting state until at least one of the nominated validators enters the validator set, at which point the nomination for such validators becomes Active and you can start earning DOTs!
Who are we?
Simply VC runs highly reliable and secure infrastructure under the Simply Staking brand to support various blockchain networks from our own private Tier-3 datacentre. We have been actively participating in all Polkadot testnets, most notably via our Simply Staking validator in Kusama. We have also been contributing in the development side of the Polkadot ecosystem by developing a monitoring and alerter tool called PANIC.
See our Polkascan profile here.
Links:
- Website: https://simply-vc.com.mt/
- Twitter: https://twitter.com/Simply_VC
- Medium: https://medium.com/simply-vc
